There’s a Fairer Share Payment coming to eligible customers in June.
The building society has had a bumper year, so will be rewarding some account holders with free cash this summer. Here’s what you need to know.
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Nationwide has just announced £2.2bn profits. As a building society, it is member-led rather than reporting to shareholders. So much of this cash is going back to customers. They’ve said £1bn will go to improving interest rates and incentives, but another £340m will be shared out with eligible customers in the form of a Nationwide Fairer Share payment.
It’s set at £100 per customer, regardless of how many accounts you have – though they have to be eligible accounts (detailed below).
The building society hopes that this type of payment will continue each year, so even if you miss out this time it could be worth using your current account and opening a savings account this year.
To get the money you’ll need to have had the following on or before 31 March 2023:
Any Nationwide current account
Though it doesn’t matter which Nationwide account you have, you do need to have been actively using it in the following ways:
| Type of current account | Additional requirements |
|---|---|
| FlexPlus | Pay the monthly fee for maintaining the account. |
| FlexOne, FlexStudent or FlexGraduate | You must have received at least one payment in or made one payment out of your account during March 2023. Any charges or interest, or adjustments made to your account balance do not count. |
| FlexAccount, FlexDirect or FlexBasic | In two of the three months of January 2023, February 2023 and March 2023, you must have received at least £500 into your current account. Transfers in from other Nationwide accounts do not count. Plus, you must have made at least two payments out of your account each month, in two of those three months. Any charges or interest, or adjustments made to your account balance do not count as payments into your current account or payments out of your current account. You do not need to have met the above requirements if you completed a switch to your FlexAccount, FlexDirect or FlexBasic using the Current Account Switch Service between 1 January 2023 and 31 March 2023. |
Either savings or a mortgage with Nationwide
You also have to have one of these in addition to the current account
- A personal Nationwide cash savings account with a total of £100 or more in one or more accounts on any day in March 2023. Money held in a current account, even if it pays interest, does not count.
- A Nationwide mortgage with at least £100 owing on 31 March 2023
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How to check if you’re eligible
If you have online banking you’ll get a notification to say you’ll get the money when you next log in from 26 May. If you don’t get this you can try the online chat.
Or you can check if you’re eligible on the Nationwide website, though this just takes you through the criteria rather than check your account, so if you answer incorrectly you might get the wrong answer.
What about joint accounts?
The good news is that those with a joint account will count as individual members, so you’ll both get the £100 – as long as you meet the criteria.
But this does mean you’d need both the current account and the savings/mortgage to be joint. If say the current account is joint but the savings are solo, only the person with the savings account would get the payment.
How and when will you get the money?
As long as you meet the criteria you don’t need to do anything – the money will automatically be paid into your current account.
There’s no set date, just that the money will be paid between 13 and 30 June 2023.
You’ll need to keep your account open to get the money, so don’t switch it away before the end of June.
Is the payment taxed?
In the terms and conditions Nationwide state that the money is an interest payment. This means it’ll count towards your personal savings allowance, and you might need to pay tax on it if you go over the tax-free thresholds.
Are there other perks?
As part of this Fairer Share initiative, Nationwide is launching a 2-year fixes savings account paying 4.75% that is only open to Nationwide members. That’s not bad, but it can be beaten at the time of writing, with the best buy currently 4.96%. See all the top savings accounts here.
Have had Nationwide accounts for decades since it was formed in fact and before when it was CO-OP and Anglia .Although I have a current account and savings and investments thru them , got nothing because my e -savings were less than £50 simply because the interest rates were so low I had put the money elsewhere at a better rate.Really annoyed with Nationwide.Would like to close all my accounts with them , but it’s the only bank left open in my town , so I will have to stick with them.
Richard.Allen
Rothwell NN14.
£1600 every month going in my flex account but because i can’t get mortgage or I dr have savings account I get punished by nationwide..I will be closing the account and putting in a complaint for being punished/persecuted for not being able to have a mortgage or saving’s account…
SHAME ON YOU NATIONWIDE ITS US LESSER MORTALS THAT GIVE YOU YOUR BIG WAFES AND BONUSES…totally unfair
Unfair as all people regardless of accounts held are members
I had mortgage for 30 years but as now paid off and I only have saving which I might add are substantial , I get nothing
Will be looking to transfer bulk of savings elsewhere
If it wasn t for savers they would nt be making all that profit. Very disappointed as i have an isa which means no bonus for me
Is this fair? When you save wlTh nationwide and they are using your money ,yet we don’t get the £100 bonus Disgusting
This is excellent news, it is really good to see a mutual reward its members and to improve rates. At last we see loyalty rewarded. For those that have missed out, they had to set the threshold somewhere then maybe you will be rewarded next year if you stay with the Nationwide.
Nationwide discriminates against those Members who have savings accounts, the very people who allow Nationwide the funds to make profits from others. My wife and I have saved with Hastings and Thanet B S then Anglia Building Society who Nationwide took over. Forty years+ struggling to save and then miss out on the £100 payment. Stuff Nationwide.
I have been a member from sxties when it was Anglia BS Hab a morgage, bonds, loans,I now have a flexiacount card that IUse a lot, I am retired and pay in a sum now and then and use it then top up IGet nothing , sleep well people in the know and those that fixed the rip off
I don’t quite understand the at least £500 in 2 of the 3 months. Over those 3months I have paid in £550, more or less evenly spread across the period. Does this make me eligible on the Flex account basis? I gave a qualifying saving accounts
Probably they didn’t mean to pay the £100 to everyone. I’m lucky enough not to have a mortgage but the bit that they shouldn’t have put in was the requirement for savings. In March of 2023 Nationwide had some of the worst savings rates, the best deal was a first direct account. But that’s a current account! Thirty years of membership of the society ruined by someone turning over a new leaf.
A quick look online and this has gone down like a lead balloon with many members, some of which are closing accounts because they don’t seem it fair at all that they had some significant sums deposited with Nationwide yet get nothing because they don’t have a current account, or had to withdraw savings to pay bills recently and lost out. Still, the bosses sleep soundly in their beds at night. Not so different after all.
For those that closed account are just losing out further then, why not transfer to a current account. I don’t qualify but hat people who moan when others get something for nothing but others this they are entitled. Rules are rules and if you have current account you qualify and if you don’t then tough, open one. there will be as many joining the Nationwide because of this so wouldn’t worry about the few entitled that leave.
Typical narrow minded response. I think you’ll find that many take issue with the “Fairer Share” description. When you arfe only giving a fifth of people a payment its not fair. It’s nothing to do with getting something for nothing, and besides I thought the whole point of websites like this was to try and get something for nothing,
At the end of the day absolutely everyone who has an account of some type with them shpuld get it as everyone is a memwber so no its not fair these people getting it writing blunt comments im sure would say the same if they wernt recieving
Cheesed off with Nationwide
Had Saving account for over 23 years but don’t qualify. Surely all accounts should be entitled for this bonus☹️
Do you qualify if you hold a fix rate bond with Nationwide?